- Title: Wall Street slips
- Date: 30th May 2017
- Summary: PHILADELPHIA, PENNSYLVANIA, UNITED STATES (MAY 30, 2017) (REUTERS VIA SKYPE) (SOUNDBITE) (English) PNC ASSET MANAGEMENT GLOBAL CHIEF INVESTMENT STRATEGIST, BILL STONE, SAYING: "Oil is, I think, off a little bit at the moment but I think that's again kind of a continuing trend that we've seen after the OPEC meeting that just didn't come in higher than expectations. And that's kind of the backstory there."
- Embargoed: 13th June 2017 21:22
- Keywords: inflation financials lagging Dow Jones BIll Stone PNC Asset Management oil prices
- Location: PHILADELPHIA, PENNSYLVANIA, AND NEW YORK, NEW YORK, UNITED STATES
- City: PHILADELPHIA, PENNSYLVANIA, AND NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0026J16QH9
- Aspect Ratio: 16:9
- Story Text: U.S. stocks inched lower on Tuesday (May 30), with the S&P 500 retreating slightly from a record, as weakness in the energy and financial sectors outweighed gains in technology shares.
Oil prices fell to keep U.S. crude below the $50 a barrel mark on concerns output cuts by the world's big exporters may not be sufficient to lessen a global glut and signs of resurgent output in Libya. The energy sector's 1.31 percent fall made it the worst performer among the major S&P 500 sectors. Exxon was down 0.6 percent.
Financial stocks, down 0.8 percent, also supplied some downward pressure. JPMorgan fell 1.7 percent and Bank of America lost 1.4 percent as the two biggest drags on the S&P 500.
U.S. consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month.
The Dow Jones Industrial Average fell 50.81 points, or 0.24 percent, to 21,029.47, the S&P 500 lost 2.91 points, or 0.12 percent, to 2,412.91 and the Nasdaq Composite dropped 7.01 points, or 0.11 percent, to 6,203.19.
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